In today’s blog post I’ll be discussing how to negotiate a counter-offer if you’re a potential Boston condo buyer. First in the present Boston condo market a good offer is between 88% – 98% of the original asking price. Anything below that may not be taken seriously by the seller. In many scenarios your first offer won’t be accepted by the seller. So what happens next? First you want to be prepared. Here are a few tips on how to counter offer:
- Try to figure out how motivated the seller is.
- How long has the Boston condo been on the market. The longer is better for the buyer.
- What condos in the area with similar parameters sold for.
- Is the Boston being rented or is owner occupied. Is property going into foreclosure?
- When was the Boston condo last sold? And for how much?
- How much is left on the mortgage
- When countering raise your price in small increments.
- Waiting game. Don’t look to eager to counter offer. The exception to this rule is if there’s a bidding war for the Boston condo. Which is not uncommon.
- Let the seller know when its your last and final offer.
View the video below for more details on each of these steps on how to counter offer.
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